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We are currently processing a 2-year FHA recertification for a small 6-unit condominium.  It was approved with FHA in June of 2013 so it...

This may be one of those cases where FHA makes internal changes to its guidelines for condominium project approval and doesn't tell...

Probably the most under-utilized purchase loans for condominium units are those insured by the USDA. Like the VA and FHA, the USDA Rural Development (RD) program is a home loan insurance that allows the financing of condominium units.

The USDA determines the eligibility of an area based upon census data and sets a maximum population limit. Until the 2010 census data was released, it was using the 1990 and 2000 census data and had set the maximum population for the area at 25,000

A proposed new construction condominium project can meet the project-level requirements to get on the FHA Approved Condominiums List even before any of the units have been built

Last week a loan officer contacted me regarding a loan he had in  process.  At the 11th hour, the lender was rejecting the conventional...

Using reserve funds will not necessarily impact the ability to get recertified with FHA. This is an unusually bad winter and I would expect most condominiums in the northeast will be over-budget on winter-related expenses. FHA will understand this so we can explain this away

In speaking with several associations recently, I was surprised to hear that they knew about this FHA requirement but didn’t know anything about Fannie Mae. “We aren’t seeking FHA approval” was the response from one condo board member. Maybe not, but you are ruling out the VAST majority of buyers by not making this contribution.

“Mr. Condo” is the stage name for Robert Gourley who manages a site called askmistercondo.com .  He is a WEALTH of information about all...

‘Tis the season of heavy snow, fallen trees and damaged property.  In populated areas, the possibility of a neighbor’s tree falling onto...

Last week Fannie Mae announced the reintroduction of 97% financing for single-family homes, PUD units and condominium units.  This...

Fannie Mae reintroduces 97% financing for single-family home purchases and refinances

Probably one of the most distinct features of condominium ownership lies in the concept of “undivided ownership interest” of the common elements. All unit owners as members of the condominium’s association share ownership of the common elements.

A question frequently asked by lenders and homeowners regarding home insurance is whether or not wind is a covered form of loss.  The...

On Friday, December 9, 2015, HUD released Mortgagee Letter 15-01 which announced a 0.50% (50 bps) reduction of the FHA monthly mortgage...

After working with FHA Condominium Project Approvals even for a short time, you will run into a condominium’s legal documents that...

I recently fielded a referral from a reverse mortgage broker.  His client lives in a condominium and cannot obtain a reverse mortgage due...

In recent months while assisting condominiums to get certified and recertified with FHA, we are running into an issue that is a fairly...

Recently, we were contacted by a property management company for assistance with an FHA condominium project approval.  The project had...

This past weekend, I was mentioned in a Ken Harney article  (shameless self-promotion). He called me two weeks ago to revisit a topic...